Michigan Complaint for Breach of Fiduciary Duty - Trust
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How to fill out Complaint For Breach Of Fiduciary Duty - Trust?
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FAQ
The fiduciary will typically be removed from his role of trust. If financial loss occurred because of the fiduciary's breach of duty, it is possible that the fiduciary will be held accountable for those losses and money will be awarded to those who were damaged which the fiduciary would have to pay.
Improperly favoring one beneficiary over another. Colluding with some beneficiaries to deprive others of their estate assets. Poor judgment (e.g. making incompetent investment decisions using estate assets) Stealing or misusing property that belongs to estate heirs.
Grounds for a breach of fiduciary duty by a trustee include: Fraud. Misappropriation or theft of trust funds. Negligence or incompetence in trust management. Disloyalty to the beneficiaries. Co-mingling outside funds with trust funds. Conflicts of interest. Failure to account to beneficiaries. Failing to pay taxes.
A breach of fiduciary duty occurs when the fiduciary acts in his or her own self-interest rather than in the best interests of those to whom they owe the duty.
Trustees and executors can breach their fiduciary duty through fraud, conflicts of interest, self-dealing, or failure to disclose relevant facts related to the administration of a trust or probate estate.
Exposing the partnership to liability through negligence or malfeasance; Damaging the goodwill of the company through illegal or wrongful behavior; Concealing important information from partners; Failing to disclose conflicts of interest; or.
Examples include negligence, insider trading and abuse of power in the fiduciary role.
The four elements are: The defendant was acting as a fiduciary of the plaintiff; The defendant breached a fiduciary duty to the plaintiff; The plaintiff suffered damages as a result of the breach; and. The defendant's breach of fiduciary duty caused the plaintiff's damages.